IPO

Purple Style Labs (PSL) is a multi-brand luxury omni-channel fashion platform operating under Pernia's Pop-Up Shop (PPUS), offering a curated portfolio of luxury fashion products across womenswear, menswear, jewellery, accessories and kidswear, with a focus on wedding and occasion wear.

PSL sources products from 1,109 active designer brands as of March 31, 2026, including Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna.

PSL operates through an omni-channel business model comprising experience centers, its website, mobile application, telephonic and digital sales channels, events and exhibitions. As of March 31, 2026, it had 14 experience centers globally, including 12 in India and one each in London, UK and New York, USA. During FY2024 to FY2026, the company served more than 200,000 unique customers and has had 19.14 million unique visitors on its online platformin FY2026 alone.

In FY 2026, the company served 66,713 customers with a total of 95,565 PPUS number of orders. The total PPUS gross merchandise value (GMV) stood at Rs 721.56 crore in FY 2026, compared with Rs 588.31 crore in FY2025, reflecting a growth of 22.65% and the PPUS average order value (AOV) was Rs 75,504.88 in FY 2026 compared with Rs 56,106.44 in FY2025,a growth of 34.57%.

PSL has established a strong international presence, serving customers across India, the US, UK, Middle East, Australia and other markets. Its platformprovides customers access to curated Indian luxury fashion while enabling designer brands to reach a wider domestic and global customer base without establishing their own retail and distribution networks.

Object of the offer

The IPO is entirely a fresh issue of shares worth Rs 680 crore. At upper price band of Rs 575, the fresh issuance is of 1,18,26,087 shares. There is no offer for sale (OFS) component.

The funds raised to the tune of Rs 371.12 crore will be used towards investment in the company's wholly owned subsidiary, PSL Retail for expenditure towards lease liabilities of experience centres, and back-end offices in India, Rs 138.9 crore will be utilised towards funding sales and marketing expenses to be incurred by the company and the balance to be used for general corporate purposes.

Strengths

Multi-brand omni-channel luxury platform in India with a wide portfolio of products and strong designer relationships. The company has 208,490 stock keeping units (SKUs) representing products from 1,109 active designer brands available on its platform.

Has implemented an omni-channel model that seamlessly integrates its online platform with physical experience centers. This integration ensures a consistent and cohesive shopping experience for customers, whether they choose to shop online or in-store.

Established a strong and growing international presence, serving a diverse global customer base across multiple continents. In FY2026, PSL served customers from approximately 100 countries through its online channels and experience centers in the UK and USA.

Established as a premier luxury fashion destination for Indian designer brands. Its brand presence attracts both designer brands and customers, creating a cycle of growth and engagement.

Led by Abhishek Agarwal, promoter, and is supported by an experienced management team and board with expertise across retail, sales, marketing, product management, consultancy and finance.

Weaknesses

Any slowdown, disruption, or shutdown of processing facility could have a material adverse effect on business.

Top 10 designers contributed to around 30% of the total revenues in FY2026. Retaining of existing designer brands and adding new designer brands in a cost-effective manner is crucial for the business.

Business is highly concentrated on Indian wedding and occasion wear and is vulnerable to changes in consumer preferences.

Failure to attract new customers, retain existing customers, or maintain or increase sales to customers may adversely affect results of operations.

May face reputational harm if the quality of the products does not meet its customers' expectations.

Has incurred losses in the past. Also, had negative cash flows in the past.

Changes in international trade policies, geopolitics and trade tariffs, export controls, economic or trade sanctions may materially and adversely affect the operations.

Failure to renew leases of experience centres on competitive terms may adversely affect business.

Derived around 20% of its total PPUS GMV from outside India

which exposes the company to foreign currency fluctuation risk.

Valuation

Consolidated sales were up by 13.9% to Rs 557.84crore in Fiscal2026. Operating profit margin (OPM) contracted from 7.74% to 3.79%, leading to a 44.2% decline in operating profit to Rs 21.13crore. Other income inclined 125.6% to Rs 9.23 crore. Interest cost inclined 83.3% to Rs 97.09 crore and depreciationcost inclined by84.4% to Rs 100.75crore. Loss before EO stood at Rs 167.47 crore in FY2026 as against Loss before EO of Rs 167.47 crore. Exceptional loss stood at Rs 117.9 crore in FY 2026 as against Rs 122.77 crore in FY2025 and the same relates to employee share-based payment expense. Its loss after tax widened to Rs 285.4 crore in the year ended March 2026, from Rs 188.4 crore in FY2025.

The company is incurring losses as such P/E could not be calculated. At the higher price band of Rs 575, the offer is made atEV/FY 2026 sales of 9.6 times and EV/EBITDAFY2026 of 254.2 times.

The company does not have exact listed peers. Vedant Fashions caters to the Indian celebration wear market with a diverse portfolio of brands and trades at EV/TTM sales of 8.7 times and EV/TTM EBITDA at 19.7 times.